Since the introduction of the Forum of Mathematics journals, there has certainly been some disdain at its probably eventual policy of charging authors for publication.

Here is one example of a journal that will be free to publish in and read: Algebraic Geometry, which is being run by Foundation Compositio Mathematica. This organisation already runs the (non-open source) Compositio Mathematica. The first issue of Algebraic Geometry is supposed to be published in 2014.